Putin instructed until July 2018 to prepare amendments governing ICO
Russian President Vladimir Putin instructed the government together with the CBR prior to 1 July 2018 to prepare amendments to the legislation of the Russian Federation regulating the procedure for placement of cryptocurrency (ICO), reported on the Kremlin website.
“The government of the Russian Federation jointly with the Bank of Russia to ensure the inclusion in the legislation of the Russian Federation changes providing for the regulation of public… of raising funds and cryptocurrency by placing tokens by analogy with the regulation of primary placement of securities”, – stated in the instructions.
In addition, they were assigned prior to July 1, 2018 to prepare amendments on the status of the digital technologies used in the financial sector, and their concepts (including such as the “technology of distributed registries”, “digital credit”, “digital mortgage”, “cryptocurrency”, “token”, “smart-contract”) on the basis of the obligation of the ruble as the only legal tender in Russia.
Also, the government and Central Bank have the same time to amend the legislation of the Russian Federation changes providing for the establishment of requirements for the organization and implementation of production based on the principles of cryptography in a distributed environment registries (“mining”), including the registration of economic entities engaged in such activities, and procedures for taxation. The deadline is 1 July 2018.
Instructions were given following the meeting on the use of digital technologies in the financial sector on 10 October.